Active
1042 Wilcox Avenue
Los Angeles CA, 90038
$5,300,000
$536.44 per sqft
Active
38 Beds
38 Baths
9,880 sqft
Residential
Built in 1928
Listed by Daniel Shamooelian with Keller Williams Beverly Hills 310-432-6400
Wow! We are pleased to present for sale a true value-add investment opportunity located in the heart of Hollywood. With ~58% of the building vacant, a new buyer has a fantastic opportunity to transform this residential hotel/apartment building into a Cash Cow! Known as the El Nido Hotel, the subject property consists of 38 studios with individual baths in each unit and is currently being rented on a monthly/weekly basis. 22 of the 38 units are currently vacant giving an investor the ability to renovate these units and re-rent at market rate. Monthly rent is estimated to be in excess of $42,000/month once vacancies are filled, yielding an incredible cap rate of 6.5%!! (monthly proforma of over $51,000/month in income once all units are turned over!) The El Nido boasts a Walk Score of 95 and is in close proximity to shopping, dining, entertainment, studios, transit, and so much more! Lots of new development in the area (Tesla's new supercharging station with restaurant and movie screens opening less than a mile away!). Do not miss this opportunity to purchase an asset with tons of upside in a phenomenal location with high rental demand. Bankruptcy court sale, subject to overbid. Contact listing agent for more details or to schedule a showing!
24375697
MLSⓇ ID
April 9, 2024
Listed
April 17, 2024
Updated
Map
1042 Wilcox Avenue
Los Angeles CA, 90038
Interior Features
Total Stories
2
Bedrooms
38
Total Bathrooms
38
Fireplace
No
Cooling
No
Cooling Description
None
Heating
No
Exterior/Building Features
Lot Size
0.14 Acres
Other Property Details
Area Name
C20 - Hollywood
Days on Market
8
Garage
No
Parking
None
Parking Total
0
View
No
County
Los Angeles
Pool
No
Zoning
LAR3
Buyer Agency Compensation
2%
Listing Contact: 310-432-6400
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 4/17/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 4/17/2024 at 2:07 PM UTC